by Christian Ashley Harris | Sep 5, 2024 | Industry, News Feed
Living in New York City remains undeniably expensive, with sale prices in some neighborhoods reaching $7.5 million, yet out-of-state buyers are still drawn to the city, according to “The New York Times.”
jWhether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Living in New York City remains undeniably expensive, with sale prices in some neighborhoods reaching $7.5 million, yet out-of-state buyers are still drawn to the city, according to The New York Times.
A study by PropertyShark, a national real estate data firm, compared NYC homebuyers’ origins in the first half of 2014 and 2024, focusing on single-family and two-family homes, condos and co-ops priced at $100,000 or more.
Although NYC residents made the majority of home purchases in 2024, nearly half of out-of-state buyers came from New Jersey, California and Florida. New Jersey residents remained the most active out-of-state buyers, though their numbers have declined, with 345 homes closed in 2024, down from 487 in 2014.
International sales also saw a sharp drop, from 178 in 2014 to just 41 in 2024, shrinking from 10 percent of out-of-state sales to only 2.25 percent.
Californians surpassed Floridians as the second most active out-of-state buyers, purchasing 244 homes in 2024, up from 175 in 2014, while Florida buyers accounted for 219 sales, up from 189.
In-state buyers closed on 11,579 homes in 2024, down from 15,781 in 2014.
Queens residents bought the most homes, though at a reduced rate — 3,247 in 2024 compared to 4,329 in 2014. Buyers in Brooklyn, Manhattan and Staten Island were also less active, while the Bronx saw an increase in activity.
Outside the city, buyers from Nassau, Westchester and Suffolk counties topped the list.
NYC’s luxury sector saw growth in out-of-state buyers, increasing from 13 percent of deals in 2014 to nearly 17 percent in 2024. Florida led the way, representing 17 percent of out-of-state luxury deals above $3 million; nearly half of Florida buyers’ $141 million in real estate spending in NYC went toward high-end properties.
Californians were also more active in the luxury market, accounting for 15 percent of out-of-state buyers, up from 12 percent in 2014, contributing an additional $40 million in luxury real estate investments.
New Jersey buyers, while retreating from NYC’s luxury market, focused on higher-priced properties, spending nearly the same amount in 2024 ($149 million) as in 2014 ($152 million) despite a one-third decline in their number.
Massachusetts luxury buyers shifted toward pricier properties as well, tripling their spending from $37 million in 2014 to $104 million in 2024, alongside a 40 percent increase in the number of buyers.
Florida, California, New Jersey and Massachusetts were the only states whose residents spent more than $100 million on NYC luxury real estate.
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by Angela Yungk | Sep 5, 2024 | Industry, News Feed
Learn how this new development expert got his start and what he’s predicting for the year ahead, including commercial conversions and branded rentals.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
As EVP at Douglas Elliman Development Marketing, Matthew Villetto leads a multidisciplinary team with a focus on every aspect of new development, from initial underwriting and feasibility to product planning, design development, financing, branding and pre-marketing, through leasing and sales.
Villetto and his team are unique in that they are “engaged from conception through completion,” he said, involved in the entire lifecycle of a new development, spanning multiple markets and collaborating with some of the country’s most prolific developers. Find out how he got his start and where he sees the industry going next.
Name: Matthew Villetto
Title: Executive Vice President, Douglas Elliman Development Marketing
Location: New York, New York
How did you get your start in real estate?
I started out as an analyst, analyzing different properties and understanding why some buildings outperformed others. This provided me with an acute understanding of how to design a building and what it takes for a property to stand out in the marketplace.
From there, I transitioned into project management and rose through the ranks to executive leadership roles overseeing new developments across multiple markets.
What do you wish more people knew about working in real estate?
How much time it takes to make a project come to life. It can take years of planning, designing, financing, etc. before getting to represent the final product.
Tell us about a high point in your career
Representing Summit New York, which at the time was the highest profile and most successful rental development in Manhattan. It defined Midtown East as a truly desirable residential location.
At the time, I was an up-and-coming, young executive and while there were more seasoned teams vying for that job, I was able to successfully secure the position and lease out the building. It was a major, resume-building moment.
What’s your top prediction for 2025?
I think in 2025 we will see a lot more conversion projects. Right now, we’re focusing a lot of our business on analyzing the viability of converting office space to residential stock.
I also think we will see the evolution of branded residences coming into the rental space. Rental projects will capitalize on hospitality and elevated amenity space. In fact, Chelsea Canvas, which is a new ground-up rental building in Manhattan’s Chelsea neighborhood, already underscores the focus on elevated design standards.
This project is currently leasing and in terms of performance, has set a new mark in the area. The design of the product is superior to much of the marketplace, giving it a desirable edge. The amenities have also really resonated with renters, with the building’s resident lounge constantly being used as both a meeting and co-working space. We expect this trend to continue as many people continue to work from home.
In Downtown West Palm Beach, we’re also in the process of launching marketing and leasing efforts at a new luxury rental tower in the Clear Lake neighborhood, Lumaire, which is going to resonate quite well with the market. Its expansive 40,000 square foot of indoor-outdoor amenities including a pickleball court, a resort-style pool and lounge, and a world-class fitness center, make it a fantastic option for those in the area who are craving the work-life-play lifestyle at their fingertips.
What’s your top tip for newly formed teams?
It’s important for everyone on a team to have defined roles, but there should be synergy and shared responsibility. Culture and respect for one another are critical in developing a team for the long term.
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by Annette DeCicco | Sep 5, 2024 | Industry, News Feed
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Real estate is a fast-paced, dynamic and ever-evolving industry. To be sustainable, successful and resilient requires personal and professional growth.
Ask most successful agents and you’ll discover that being coached is one of the ways they stay on top of their game in business and in life. Maybe you’re ready to hit your next level by signing up with your next coach, or perhaps you’re considering investing in coaching for the first time.
Whether you’ve participated in countless programs over the years or you’re a coaching newbie, before you sign up for coaching help, there’s one crucial question you need to ask: Am I truly coachable?
A desire to improve and grow does not automatically make you “coachable.” Being coachable requires a willingness to be open, vulnerable and ready to embrace change. If you’re not fully prepared to dive into the coaching process, you might find yourself resistant to the very guidance you’re seeking as well as wasting your time, money and energy.
To ensure that you’re ready to maximize your coaching experience, here are three essential questions to ask yourself before making the commitment.
Am I open to feedback and new perspectives?
Real estate professionals often pride themselves on their expertise and experience. But when you’re seeking growth, it’s important to recognize that your current knowledge may have limitations. Are you willing to listen to feedback that may challenge your existing beliefs or strategies?
A coach might suggest a new method that feels uncomfortable or counterintuitive. If you’re not open to trying this new approach or willing to get out of your comfort zone, you could miss out on an opportunity to significantly boost your sales and client satisfaction.
Self-Check: Reflect on how you typically respond when someone offers you constructive criticism or a new way of doing things. Do you embrace it, or do you find yourself getting defensive or dismissive?
Am I ready for change?
Coaching is about transformation. Are you prepared to embrace the changes that coaching may require? This means being flexible in your beliefs and open to new ways of thinking. If you believe that you are always right, and nobody else can guide you, then the coaching won’t work for you.
Self-Check: Ask yourself if you’re truly open to change, even if it challenges your current mindset. Being coachable means being ready for both positive and negative feedback and being willing to adjust your approach accordingly.
Am I goal-oriented?
You must have an idea of specific goals you want to achieve. A coach can help you ensure that you have identified the correct goals, prioritize them, and break them down into manageable subgoals. They can also help you develop a plan to achieve these goals within an agreed period and track your progress.
Self-Check: Consider whether you have clear goals in mind and if you’re open to refining them with your coach’s guidance. If you’re not clear on your goals, or if you’re not willing to work on defining them, coaching may not be as effective.
Am I willing to take action and implement changes?
Coaching isn’t just about gaining insights; it’s about taking action. Are you prepared to step out of your comfort zone and implement the changes your coach suggests?
Example: Let’s say your coach identifies that your time management skills are holding you back from closing more deals. They provide you with a structured daily routine to follow. If you’re resistant to changing your current habits, no matter how busy or chaotic your day feels, the coaching won’t yield the results you’re looking for.
Self-Check: Consider your history of making changes in your business or life. Are you someone who follows through on new strategies, or do you tend to revert to your old ways when things get tough? Most importantly, are you willing to follow through with the actions that will allow you to meet or surpass your goals and drive your results?
Being honest with yourself here is key to understanding your readiness for coaching.
Am I committed to the process, even when it gets uncomfortable?
The coaching journey can be transformative, but it can also be challenging. Growth often involves facing uncomfortable truths and working through difficult situations. Are you ready to commit to the process, even when it feels tough?
Example: During a coaching session, you might uncover a mindset block that’s been holding you back — like a fear of rejection that’s been preventing you from pursuing high-value clients. Addressing this fear might require you to dig deep and confront emotions you’d rather avoid. But doing so is necessary for your growth.
Self-Check: Ask yourself if you’re truly ready to engage with the process, even when it becomes emotionally or mentally taxing. Being coachable means you’re ready to commit and follow through consistently. Success in coaching often depends on your ability to persevere through challenging and confronting moments.
Am I ready to invest time and energy into my growth?
Coaching requires a significant investment of both time, energy and money. You must be ready to dedicate time for regular meetings with your coach and fulfill all the commitments made during these sessions. Additionally, consider the financial investment. An investment in coaching can go a long way in driving your growth, but you must be prepared to make this commitment.
Self-Check: Are you willing to prioritize your coaching sessions and allocate the necessary resources? If you’re not prepared to invest both time and money, you may not be ready for the coaching process.
Preparing yourself for a successful coaching experience
Before you sign up for a coach, it’s crucial to check in with yourself and honestly assess your readiness. By asking yourself if you’re open to feedback, willing to take action, and committed to the process, you can determine whether you’re truly coachable. This self-awareness not only increases your likelihood of showing up fully for the coaching experience but also boosts your chances of achieving—or even surpassing—the results and goals you desire.
Being coachable isn’t just about wanting change; it’s about being prepared to make it happen. If you can answer these questions with a resounding “yes,” you’re likely ready to embark on a coaching journey to transform your business and life in ways you never imagined.
Melanie C. Klein, M.A. and Emily Bossert are highly sought-after coaches known for empowering individuals and teams to achieve their full potential and success.
by Kendall Bonner | Sep 5, 2024 | Industry, News Feed
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Inman Connect Las Vegas 2024 was a landmark event that brought together the brightest minds in real estate to discuss the future of the industry. My session, “The Team of 2030,” explored how real estate teams could evolve over the next decade. Here are the key insights and takeaways from that session, providing a roadmap for real estate professionals looking to future-proof their teams.
Today’s disruption: Navigating a complex landscape
The real estate industry is currently facing a multitude of disruptions that are reshaping the market landscape. These include higher interest rates, political polarization, class action lawsuits, limited inventory, low availability of skilled labor, inflation and shifting consumer perceptions of agent value. These factors are creating a challenging environment that requires real estate professionals to adapt and innovate continuously.
From amateurs to professionals: The need for specialization
As the industry evolves, there is a growing need for real estate agents to transition from generalists to specialists. Specialization is becoming key, with agents focusing on niche markets or specific aspects of the real estate process. This shift is accompanied by a move towards a fee-for-service model, where fees are variable and based on performance. Relationships will remain crucial, but professionals who can build and maintain strong relationships will create a significant separation from lower-tier agents.
The next team: Evolution of team structures
Historically when there is disruption in any industry new business models arise. The key to thriving in a changing market is to be aware of what is possible, and be the change the industry needs to see. The structure of real estate teams is also set to change dramatically.
Currently, a typical team might consist of one listing partner and three buyer’s agents and an administrator or client care coordinator. However, the future team might include three listing partners and six to eight salaried buyer’s representatives, who will be compensated hourly — plus bonuses.
This shift reflects a move towards more stable and predictable income for team members while focusing on the area of real estate where there is no confusion on who or how an agent will get paid. Listing-focused teams will dominate in the marketplace and find new ways to show homes and represent buyers.
Lead generation strategies will also evolve. While current teams focus heavily on buyer leads, future teams will need to leverage AI and predictive analytics to generate high-quality listing leads. These advanced technologies will become premium tools that differentiate successful teams from the rest.
We see that by simply changing the focus from buyers to a more seller focus, teams have found that the sellers are hiding in the buyer leads — meaning that there is an abundance of leads if you are skilled at conversion, as well as relationship building.
Tiered service model and profit share: A new approach to compensation
Future real estate teams may adopt a tiered service model, offering different levels of service and compensation. Operational costs and salaries will be covered first, with remaining profits shared among team members based on predetermined criteria such as seniority, performance, role, and contribution to the company’s revenue. Team agents will be compensated based on the service level sold, with higher compensation for higher-tier packages, similar to a law firm’s structure.
Investor equity model: Aligning interests for success
Another innovative approach is the investor equity model, where teams partner with investors for equity and profit sharing. This model aligns the interests of the team agent and investors in the success of the property. Instead of traditional commissions, team compensation is tied to the higher returns generated by successful property investments on both the buyer and seller sides of the transaction
Uberization of buyer’s agents: On-demand services
The concept of “Uberization” is set to revolutionize the role of buyer’s agents. Imagine buyers being able to download a free homes for sale app, similar to a Zillow, Homes.com or even your public-facing MLS app, that includes all listed homes, “For Sale By Owner” (FSBO) properties, and expired listings (with opt-in).
Buyers can schedule showings with agents — whose ratings, reviews and fees are posted. This model offers on-demand services, with fees ranging from $50 to $100 plus additional a la carte services such as making offers, handling inspections and transaction management.
With this model, agents close to a home may get more opportunities to have a paid single-home agreement with the buyer and then develop a relationship and convert that buyer into a long-term buyer’s agreement.
The collaborative team structure: A shift from hierarchy
Future real estate teams may find ways to operate more like collectives, with no hierarchical structure. Decision-making responsibilities will be shared, and compensation will be distributed more equally. Additional rewards will be given for leadership roles and mentorship within the team. This collaborative approach fosters a more inclusive and supportive team environment.
So what … now what?: Adapting to new realities
The real estate industry has evolved from broker-centric models of the 1970s, where brokers controlled lead flow and splits were favorable to the brokerage, to team-centric models of the mid-2010s to 2020s, where significant margins moved to team leaders. The future will be consumer-centric, focusing on serving clients regardless of the opportunity. Team leaders who contribute to the overall success of their agents will have a massive advantage. Teams and brokers that do not contribute to their agents’ success will not survive, while those providing massive opportunities and innovation will thrive under new business models.
Refuse to pause: Embracing innovation
Real estate professionals must pay attention to ongoing changes and adapt accordingly. Partnering with innovative people and companies, and being open to new models and ideas, is crucial. Leaders would be well served to define what success looks like in advance and be committed to innovation; even if most attempts don’t work, agents will appreciate the proactive growth strategies.
Consistency in creating awareness, defining results, and making course corrections is essential. Those who wait on the sidelines for the industry to provide opportunities will be left behind.
The call to innovate
I’ve always said, “Those who innovate, are well-coached, and proactive have tremendous opportunities to take market share and thrive amidst uncertainty.” These agents, brokers, and team leaders will be the pioneers of the next decade. The choice is clear: innovate and lead, or stand quietly by and watch those who do.
Inman Connect Las Vegas 2024 provided a glimpse into this exciting future, offering valuable insights for real estate professionals looking to stay ahead of the curve. The team of 2030 will be defined by its ability to adapt, innovate and provide exceptional value to clients in a rapidly changing landscape.
Verl Workman is founder and CEO of Workman Success Systems. Connect with him on LinkedIn or Instagram.
by Brian Donnellan | Sep 4, 2024 | Industry, News Feed
Updates to presentation templates and the ability to include offered buyer broker commissions as a percent or dollar are among the buyer-focused tools touted by the company on Wednesday.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Seattle-based software company MoxiWorks is introducing a series of new updates and features to help buyer agents navigate complicated representation requirements in a post-settlement world, the company announced Wednesday.
Updates to presentation templates on MoxiPresent and the ability to include offered buyer broker commissions “as a percent or fixed dollar amount” with MoxiWebsites are among the new buyer-focused updates touted by the company, in addition to a series of “buyer-focused nurture journeys” through email campaigner ActivePipe.
“This launch includes 39 new email touchpoints about buying a home and the value of working with a trusted agent,” the company said in a statement. “These automated touchpoints benefit active buyers in an agent’s database and help nurture contacts in the early stages of considering buying a new home.”
ActivePipe was acquired by MoxiWorks in 2022. The email campaigner allows users to create intricate sales sequences with reactive, automated responses and actions to enhance lead nurture and customer service, among other business needs.
MoxiWebsites, a platform that allows users to create websites that support lead capturing and MLS integration, meanwhile, has been updated to allow for easy conversion between percentages and dollars on agents’ offered buyer broker commissions, according to the announcement.
This is allowed, according to terms of the NAR agreements, because a Moxi-created website for a brokerage or agent isn’t affiliated with the industry trade group or associated with a multiple listing service.
Finally, MoxiPresent has also been updated with buyer-centric presentation templates to help agents cement their stance on representation. Service pitches and CMAs (comparative market analyses) can also be linked directly to formal buyer representation agreements to ensure a smooth execution and helps capture the client in a productive sales environment.
Inman reviewed MoxiPresent in May, and cited its inherent flexibility and ability to cooperate openly with other content types, property data integration and mobile responsiveness, among other features.
“Eighty percent of real estate agents are buyer-centric,” said MoxiWorks CEO Eric Elfman in Wednesday’s announcement. “While the NAR settlement changes have led to some anxiety, brokerages and agents who use MoxiWorks have what they need at their fingertips. Our proven products have been upgraded so buyer’s agents can more quickly and easily display their value and earn their commissions.”
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by Latham Jenkins | Sep 4, 2024 | Industry, News Feed
Weekly sessions that will take place on Fireside will provide established and aspiring real estate pros access to Umansky’s mentorship and coaching with a focus on entrepreneurship and sales
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
The Agency’s Mauricio Umansky is launching a new endeavor on Sept. 16: a live coaching network for real estate professionals called The Mauricio Umansky Network that will be powered by Mark Cuban’s Fireside interactive streaming platform, The Agency announced on Wednesday.
The network will provide established and aspiring real estate professionals access to Umansky’s and his team’s mentorship, coaching and guidance with a focus on real estate, entrepreneurship and sales.
The Umansky Team includes the elder Umansky, and his daughters, Farrah Brittany, Alexia Umansky and Sophia Umansky, as well as agents Andrew Botto, Madison Bufffardi and Leila Mohmed.
“Mauricio Umansky and The Agency are truly unrivaled in luxury real estate and being able to connect with them directly through their new Fireside network is an unmatched opportunity to gain incredible expertise,” Fireside CEO Falon Fatemi said in a statement.
“Mauricio has shared his unparalleled knowledge through his company and on his successful show, Buying Beverly Hills, and we are thrilled to be a part of this first-of-its-kind network to now help Mauricio and his team empower the next generation of real estate and business leaders through interactive coaching.”
Members who subscribe to The Mauricio Umansky Network for a monthly fee of $30 per month (or $20 per month, if billed annually) will gain access to weekly conversations and Q&As on different topics with his team centered around skills for real estate professionals, weekly interactive group coaching sessions, monthly live industry conversations with Umansky and guest speakers, and special giveaways, including tickets to live events or workshops and free products.
The first special guest on the show will be real estate coaching giant Tom Ferry, Umansky told Inman.
The drive to create the network came from Umansky’s desire to help improve the industry, Umansky said.
“I really want to make real estate better as a whole … This is an opportunity for me to give back a little bit to everybody and to help improve the business.”
Although Umansky is a luxury specialist, he said the network will not solely focus on the luxury sector, but will be largely centered around sales techniques, negotiation and how to build a business. In the wake of the NAR settlement and industry changes that have taken effect, Umansky said that coaching is imperative for agents today.
“It’s really going to be geared for me to share my insights and my coaching,” he said. “I think right now, it’s more important than ever. It’s needed, particularly with all the changes that are happening in the real estate industry, and in order to survive, you’re going to have to be an incredible negotiator and know how to deal with different things. So this is a network that gives people opportunity to tune in every week and not only listen to something that I’ll teach on a weekly basis, but then actually interact with me and ask me specific questions.”
Individuals who are interested in learning more about The Mauricio Umansky Network can visit the website at www.maunetwork.com.
Umansky published a memoir/business tutorial book in the spring of 2023 called The Dealmaker: How to Succeed in Business and Life Through Dedication, Determination and Disruption. The book revealed a number of entertaining anecdotes from Umansky’s life, as well as lessons in business that he’s learned along the way.
He also starred in Season 32 of Dancing With the Stars, and was the sixth contestant to be voted out of the competition during the show’s Halloween-themed episode. Umansky’s Netflix real estate reality TV show, Buying Beverly Hills, which features agents from The Agency navigating LA’s luxury market, was recently bypassed for renewal for a third season by the streaming giant.
On top of his media endeavors, the CEO, in partnership with Compass’ Jason Haber, has also been working to build out an alternative to the National Association of Realtors. The group, the American Real Estate Association, launched a membership program last month offering two membership tiers: a $20 membership that lasts through 2025 and a $1,500 “founding membership” that cover dues over the next 10 years.
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